Banking and Finance academy of the Republic of Uzbekistan
A brief historical overview
The Banking and Finance Academy of the Republic of Uzbekistan was founded by the Decree of the President of the Republic of Uzbekistan No. PD-1460 of May 2, 1996 "On the establishment of the Banking and Finance Academy of the Republic of Uzbekistan" and the Resolution of the Cabinet of Ministers No. 180 of May 17, 1996 "On the organization of banking and finance academy of the Republic of Uzbekistan”.
The first event on the establishment of the BFA was during the meeting in the Banking Association of the Republic of Uzbekistan in 1996. An active work on the foundation of the BFA began since June of this year and the opening ceremony was on November 4, 1996. The Banking and Finance Academy of the Republic of Uzbekistan is a higher educational institution on the training, retraining and qualification upgrading of managerial personnel and specialists in the banking, finance, tax spheres and the real sector of the economy, as well as for preparation of highly qualified scientific and scientific-pedagogical personnel, and also for conducting research activities in these areas. Currently, the BFA is the leading state educational, methodological, scientific and information-analytical center in the banking and financial sector of the Republic.
On the basis of the above-mentioned legislative documents the following faculties were founded at the BFA in 1996:
3. Retraining and Qualification Upgrading of managerial personnel in banking, finance and tax systems.
According to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 44 in September 19, 1997 “On the establishment of the faculty of tax and taxation at the Banking and Finance Academy of the Republic of Uzbekistan” and resolution of the President of the Republic of Uzbekistan No. PR-56 “On measures for further reforming and liberalization of the banking system” in April 15, 2005, two new faculties were created at the BFA:
- Tax and taxation
- Project finance
In order to ensure high-quality training of highly qualified specialists in the professions that are on demand in sectors of economy of the republic, as well as in order to further optimize and unify higher education specialties, a new Classification of educational directions and specialties was approved in 2011. In accordance with it, the Banking and Finance Academy of the Republic of Uzbekistan prepares the master students in the following specialties:
2. "Bank accounting and audit".
3. "Investment management (in the banking sector)".
4. "Investment management (in the real sector)".
5. "Public finance management".
8. "Corporate finance and the securities market".
9. "Audit (in the field of finance)".
10. "Taxes and taxation".
Nowadays there are 5 faculties at the BFA, they are:
4. Project finance.
5. Qualification Upgrading retraining of managerial personnel in banking, finance and tax systems.
On the basis of the directly above faculties there are 7 departments at the BFA:
4. Accounting and auditing.
5. Pension and insurance.
6. Taxes and taxation.
7. Foreign languages.
The Academy carries out educational activities according to the curricula and programs that are developed on the basis of state educational standards, taking into account modern requirements for the development of economic and socio-political life of the Republic of Uzbekistan, as well as the requirements of international educational standards in the area of finance and banking.
From the day of its foundation to the present, 3298 master students have successfully graduated from the Academy, 1100 of them had a chance to participate in internships in the USA, Europe and Asia to get a foreign experience and deepen the knowledge gained in Uzbekistan, BFA.
There are undoubted successes in the terms of scientific activity: currently, more 50 doctoral and more 300 PhD dissertations have been defended, more than 12000 employees of banking, finance and tax structures have passed training and retraining courses.
Honorary government awards were awarded to the professors of the Academy and outstanding statesmen of Japan, whose activities were directly related to the formation, development and successful functioning of the Academy in the process of preparing qualified personnel in the banking and financial sectors of Uzbekistan.
So, the First Vice-Rector of the BFA (1996-2003), Professor Toshiharu Kitamura of Waseda University was awarded the title of “Honorary Professor” of the Banking and Finance Academy of the Republic of Uzbekistan by the decision of the Council of the Academy for his productive work and personal contribution to the preparation of the qualified specialists in the banking and financial sectors of Uzbekistan and the strengthening of Uzbek-Japanese cooperation and friendship between nations in 2002. In October 2003, by the Decree of the President of the Republic of Uzbekistan, Toshiharu Kitamura was awarded a high government award - the Dustlik Order for his great contribution to strengthening friendship and cooperation between the Republic of Uzbekistan and Japan, and his achievements in training highly qualified personnel for the banking and financial system of the republic.
During a visit to the Academy in May 2003, Mr. Masajuro Shiokawa, Minister of Finance of Japan, was awarded the degree of “Honorary Doctor of the Banking and Finance Academy of the Republic of Uzbekistan” by the decision of the Council of the Academy.
In September 2007, Mr. Tadao Chino, Senior Advisor to the Nomura Research Institute, the former ADB President, was awarded the title “Honorary Doctor of the Banking and Finance Academy of the Republic of Uzbekistan”.
On May 5, 2014, Mr. Taro Aso, Prime Minister and Minister of Finance of Japan, delivered a ceremonial speech to the staff and master students of the Academy, which was preceded by the ceremony of awarding him the degree of “Honorary Doctor of the Banking and Finance Academy of the Republic of Uzbekistan”.
In September 2013, the Cabinet of Ministers of the Republic of Uzbekistan adopted a decree approving the “Regulation on the admission procedure for the master's program of the Banking and Finance Academy of the Republic of Uzbekistan”, according to which the duration of study at the Academy is 2 years, which corresponds to the Law of the Republic of Uzbekistan “On Education” and generally accepted international higher education standards.
From this moment, a new stage began in the history of the Academy, the main purpose of which is to prepare highly qualified management personnel and specialists in the field of banking, financial, tax affairs and in the field of investment, fluent in English, comprehensively mastered the theoretical knowledge and practical skills of their specialty, who have undergone foreign internships at prestigious educational and research centers of the world, at leading international and foreign financial institutions.